Elliott wave view in NZDUSD suggests the move lower from 12.31.2019 high in the pair is unfolding as a 5 waves impulse. Down from 12.31.2019 high, wave (1) ended at 0.6596, and wave (2) bounce ended at 0.666. Pair has resumed lower in wave (3) towards 0.6374 and wave (4) bounce ended at 0.6488. The short term chart below shows that the pair has resumed lower in wave (5) with the internal unfolding also as 5 waves in lesser degree.
Down from 0.6488, wave 1 ended at 0.6426 and wave 2 bounce ended at 0.6466. Pair then resumed lower in wave 3 towards 0.6321 and wave 4 bounce ended at 0.6351. Near term, expect pair to continue lower within wave 5 of (5). Near term bounce should continue to find sellers in 3, 7, or 11 swing for further downside. As far as pivot at 0.6488 stays intact, expect pair to extend lower. Once the pair ends wave (5), cycle from 12.31.2019 high should end in 5 waves. Then the pair should do a larger rally in 3, 7, or 11 swing to correct the decline from 12.31.2019 high before the decline resumes.
NZDUSD 1 Hour Elliott Wave Chart
